Business
International Fraud Week; Let’s Go Beyond the Pitfalls of P&ID , CIFCFIN President Charges
By Abubakar Yusuf
The pioneer President and Chairman, Governing Council , Chartered Institute of Forensics and Certified Fraud Investigators of Nigeria CIFCFIN, Dr Ilyasu Gashinbaki has asked the Nigeria government to move beyond the Pitfalls of P& ID after the recovery of it’s funds from the contract scam.
Gashinbaki made this assertion on Thursday during a maiden world press conference titled “P&ID Contract Scam; Avoiding Pitfalls By The Federal and Sub- National Governments, Through Forensic Audit and Digitisation of Contract Management Process in Government” held at Asokoro, Abuja.
He said the $11 billion damages earlier awarded in favour of Process and Industrial Development (P&ID ), would have had a collosal toll on the country, if not upturned by the higher court.
The President criticized the current practice of contract vetting , as it merely scratches the surface, with a focus clause by clause reading and legal interpretation, stating the need to go beyond surface by adopting the forensic approach, that vets the contract beyond the clauses.
The Chairman stated that the debut of forensic as the much needed light for this ugly development, with the combination of legal skills, investigation and digital automation to analyse and vet all contracts prior to their execution.
He reminded Nigerians on the efficacy of contract forensics which delve deep into contractual implications, investigation of parties, highlighting the importance in the wider context of an organisational goals.
The President recalled what led to the P&ID saga was a fall out of a contract to build and operate an Accelerated Gas Development Project located in Adiabo, Odukpani Local Government Area of Cross River State, were Nigerian government was to source for a natural gas from oil mining leases(OMLs), 123 and 67 operated by Addax Petroleum and Supply to P&ID to refine into fuel suitable for power generation in the country.
He said P&ID was able to defraud Nigerian government owing to the absence of forensic investigation for a job not executed, with a claim of profit spread for 20 years through litigation.
Gashinbaki who advised that partnerships with the institute will specifically nip in the bud the incidence of P&ID , government officials, government lawyers, private sector players, professionals that gang raped to defraud the federal government and at subnational levels.
He expressed worries on the vulnerability of government both at Federal and Sub- National levels, as loss from contract scam, procurement fraud, fraudulent court judgements, stood at 1.4trillion and may rise to 3trillion with no concerted efforts on the part of governments in 2025.
The Chairman governing council of the institute however stressed the need to make concerted efforts towards ameliorating and eliminating the current and future losses, through partnerships with the institute to conduct a comprehensive forensic audits of all government contracts, court judgements at the Appeal Court level before proceeding to the Supreme Court.
The institute was also prepared to assist government at the national and sub national levels, to introduce end to end digitization of the contract management process in government using the diplomate of Digital Forensic of the institute.
It has also carried out an extensive deliberation with the National Assembly to key into their investigations of the activities of Ministries, Departments and Agencies MDA’s using the forensic templates rather than analogue procedure without recourse to their oversight functions.
He advocated that with forensic examination in place by the institute, the wastages been witnessed could be channeled to funding social and economic policies of government, like Education, Health among many others.
The Central Bank of Nigeria (CBN) has announced a significant review of the documentation requirements for transactions conducted through the Pan-African Payment & Settlement System (PAPSS) in Nigeria.
This initiative is part of CBN’s ongoing commitment to foster seamless intra-African trade, financial inclusion, and operational efficiency for Nigerians engaging in cross-border payments within Africa.
In a circular dated April 28, 2025, CBN introduced simplified documentation for low-value PAPSS transactions — allowing individuals and corporates to use basic KYC and AML documents for transactions up to USD 2,000 and USD 5,000 respectively. Higher-value transactions will still require full documentation as outlined in the CBN Foreign Exchange Manual.
The CBN also stated that Authorized Dealer Banks (ADBs) can now source foreign exchange for PAPSS settlements directly from the Nigerian Foreign Exchange Market, without relying on the CBN. Additionally, export proceeds repatriated via PAPSS must be certified by the processing banks.
The apex bank urged all banks, exporters, importers, and individuals to familiarize themselves with the new guidelines and leverage PAPSS for seamless cross-border transactions across Africa.
Launched by Afreximbank in partnership with the African Union and the African Continental Free Trade Area (AfCFTA) Secretariat in January 2022, PAPSS serves as a centralized payment and settlement platform that enables instant, secure, and efficient cross-border transactions throughout Africa.
By facilitating payments in local currencies, PAPSS minimizes reliance on third-party currencies, reduces transaction costs, and supports the rapid expansion of trade under the AfCFTA.
The Economic and Financial Crimes Commission (EFCC) has cautioned Nigerians against the excessive desire for money.
The agency issued the advice in a terse post on its X handle on Sunday.
“Love money too much, and Ponzi schemes will love you …..as their next target….be guided, the Eagle loves you all,” the post read.
This is coming amid ongoing investigation into the alleged fraud perpetrated by a digital investment platform, CryptoBank Exchange (CBEX).
CBEX had reportedly crashed on April 14, leading to the loss of billions of naira belonging to Nigerian investors.
Several videos online had shown some Nigerians raising the alarm over the loss of their funds to the scheme.
The EFCC had on Friday declared eight persons wanted over their alleged involvement in a fraudulent scheme linked to the online trading platform.
The move came on the heels of the Federal High Court in Abuja granting the EFCC’s request to arrest and detain persons found promoting the CBEX scheme.
Justice Emeka Nwite, issued the order following submissions by the counsel for the EFCC, Fadila Yusuf, seeking the court’s approval to detain the promoters pending the conclusion of investigations into the alleged offences and their possible prosecution.
The EFCC stated that during the investigation, it found that ST Technologies, while registered with the Corporate Affairs Commission, was not authorised by the Securities and Exchange Commission to conduct investment activities.
Furthermore, it said the defendants had vacated their last known addresses in Lagos and Ogun States.
The EFCC had argued that a warrant of arrest was necessary to place the defendants on a red watch list to facilitate their capture and ensure they face charges.
The commission said its investigation had also established a prima facie case of an investment scam and that granting the application was in the interest of justice.
During an interview on Channels Television’s breakfast programme, The Morning Brief, on April 16, the EFCC spokesperson, Dele Oyewale, advised Nigerians against investing in a business without considering the legal framework that regulates it.
Oyewale said, “We know that for every business concern, you declare your profit either quarterly, annually or bi-annually, but if somebody says, ‘Bring your money; I’m going to give you a return in 30 days,’ you know that is not realistic; it’s just not pragmatic.
“Or if somebody says, ‘If you bring your money, we’re going to give you a 100% return on investment,’ that is not possible”.
Nigerian carrier, Air Peace, has clarified why its Benin to Abuja flight P47171 was delayed in the air on Friday.
In a statement issued by the Head of Corporate Communications, Ejike Ndiulo, Air Peace Airline on Saturday stated that during the aircraft’s descent into Abuja, the flight encountered turbulence as a result of adverse weather conditions, including thunderstorms.
The statement further stressed that in line with global aviation safety standards, “our crew activated appropriate safety protocols and held in a holding pattern until weather conditions improved.”
Social media users complained on Saturday that the aircraft hung in the air longer than necessary before landing.
Elanza news understands that when an aircraft is held in a holding pattern, this means the plane was instructed to fly a specific course around a designated point while waiting for permission from the control tower to proceed with its planned route, approach, or landing.
This is often due to factors like traffic congestion at the given airport, weather delays, or other operational issues that could result in an incident or accident if the aircraft had landed against instructions.
In simpler terms, a holding pattern is a temporary waiting area for an aircraft in the air, allowing it to remain airborne while awaiting further instructions for landing.
The statement further stated, “We are pleased to confirm that the aircraft landed safely and the passengers disembarked normally. Air Peace is unwavering in its commitment to ensuring the highest standards of safety across all our operations.”